Lakshmi Mittal Reportedly Weighing Exit from UK Following Non-Dom Tax Abolition

The steel tycoon's potential departure highlights concerns about the economic impact of wealthy individuals leaving Britain due to changes in tax policy.

• Lakshmi Mittal, one of Britain's wealthiest individuals, is reportedly considering leaving the UK due to the abolition of the non-dom tax regime.
• The non-dom tax policy, in place for over 200 years, allowed UK residents to avoid British tax on foreign income by declaring their permanent home as overseas.
• The UK government ended the non-dom tax regime in March 2024, a move framed as promoting tax fairness but criticized for its potential economic downsides.
• Mittal's departure would align with a broader trend of high-net-worth individuals relocating to countries like the UAE, Italy, and Switzerland, which offer more favorable tax regimes.
• The top 1% of UK taxpayers contribute 29% of income tax revenue, raising concerns that the loss of wealthy residents could reduce investment, spending, and tax revenue.

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